Updated on January 5, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FXGlory due to the issues we've identified.
Is FXGlory Scam or Legit Broker? ▲
The legitimacy of FXGlory is a significant concern for potential traders due to its establishment as an offshore entity. FXGlory Ltd, which owns FXGlory, is an offshore company registered in St. Vincent and the Grenadines. This jurisdiction is notorious for its virtually nonexistent requirements and regulations, making it a favorable environment for questionable forex brokers like Brokerz and TraderUR, among others. The lack of stringent oversight in St. Vincent and the Grenadines raises red flags about FXGlory's reliability and the safety of traders' investments.
FXGlory initially launched its operations within the Department of Economic Development of the UAE, highlighting its ambitions to cater to the Asian market before expanding its reach to European countries. Despite having branches in Malaysia, Cyprus, the United Kingdom, and Spain, FXGlory lacks regulation or registration with any authoritative entity that supervises Forex or financial investment services. This absence of regulation means there is no rigorous enforcement of protective measures for customers and their investments, which is typically mandated by reputable organizations. Although FXGlory advertises reasonable and competitive trading conditions across a variety of trading instruments, its offering of an extremely high leverage level up to 1:3000 and binary options is highly controversial. Such a high leverage level is deemed risky, exposing traders' capital to significant risk while multiplying both opportunities and potential losses. Additionally, numerous negative reviews and complaints from traders have surfaced regarding FXGlory, including withdrawal delays, client neglect, and market price violations. Furthermore, the Italian regulator CONSOB issued a warning against FXGlory, declaring it unauthorized to provide investment services or activities within Italy.
After thorough research and analysis based on our expert opinion, which is informed by over a decade of experience in Forex trading, we have identified multiple issues regarding FXGlory's regulation and reliability. Consequently, FXGlory's overall ranking is disappointingly low, scoring 0.6 out of 5. This ranking is derived from our extensive evaluation process, comparing FXGlory against over 1000 other brokers.
FXGlory aims to make the entry barrier for traders relatively low, with a minimum deposit requirement of only $1. The broker supports a variety of payment methods, including major credit cards (Visa and Mastercard), cryptocurrency transactions, and e-wallets such as Neteller and Skrill. For those preferring traditional methods, bank wire transfers are also an option, typically processed within 7 business days. Withdrawals have a minimum threshold of $10, but it's important to note that for e-wallet methods and credit/debit card transactions, the minimum withdrawal amount is set at $50 for clients with balances exceeding that amount, and equal to the account balance for those with less than $50.
Acknowledging the modern trader's need for mobility, FXGlory provides a mobile trading app. This app allows traders to manage their accounts using smartphones, tablets, and other portable devices. The mobile trading platform offers a range of analytical tools and graphical displays of quotes, in addition to complete trade account management. Compatible with Android and iOS devices, the FXGlory mobile app ensures traders can stay connected to the markets and their accounts even when away from a desktop environment.
For traders looking to hone their strategies or familiarize themselves with the platform, FXGlory offers a demo account option. This demo account is designed to mimic the real trading environment as closely as possible, providing an invaluable learning tool for understanding the basics of Forex trading, market movements, and how to navigate periods of volatility. The FXGlory demo account expires 60 days after registration if it remains inactive or unused, encouraging traders to actively engage with the platform.
Given the concerns surrounding FXGlory's regulatory status, trading conditions, and the numerous complaints from traders, we strongly advise against opening an account with FXGlory. For those seeking a safe and regulated trading environment, it is advisable to consider brokers regulated by reputable authorities such as the FCA in the UK or ASIC in Australia. Trading with well-regulated brokers not only ensures compliance with a set of strict rules but also offers a good reputation built over years of operation. In summary, our overall experience and ranking for FXGlory are negative, reflecting the significant risks associated with trading through their platform.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FxGlory Review 2024
